Bitcoin Enters Price Discovery - New All Time High
Today’s letter is brought to you by Bitcoin Investor Day!I am hosting the first Bitcoin Investor Day in New York City on March 22nd this year. It is an annual meeting for sophisticated Wall Street investors who are interested in bitcoin. Speakers include Cathie Wood, Mike Novogratz, Anthony Scaramucci, Mark Yusko, Head of Digital Assets at BlackRock, Bitwise CEO, Head of Research at Fidelity & VanEck, and many more. Tickets are only $50 and the venue is incredible. This will be one of the highest quality bitcoin conferences of the year. See you there! To investors, Bitcoin hit a new all-time high of $72,000 this morning. As Balaji Srinivasan highlighted, the digital currency has now hit a new all-time high in every currency in the world. In many recent conversations, investors from the traditional finance industry have asked me “what is the value of bitcoin today?” They are specifically referring to the difference between price and value. One way to think about this is through bitcoin energy value. As Capriole Fund’s Charles Edwards points out, bitcoin’s energy value currently sits at approximately $81,000. Regardless of the true value of bitcoin, the price has been acting in a different way than past market cycles. Bitcoin analyst Alex Adler Jr explains the risk of correction in this bull cycle by saying, “the average drawdown [in this cycle] is -5.47%, and the maximum is -19.11%. Compare this with past cycles and the all-time average drawdown of -15.18% to make informed decisions about your investments.” Adler also shows “starting from October 2023, the volumes of daily transactions show growth, with the peak occurring on March 5 with a volume of $111 billion. The figure is simply huge, as some island nations have a smaller annual GDP.” It is unprecedented for bitcoin to reach new all-time high prices before the halving. Given that we are less than 50 days away from that supply shock, it is hard to construct a bearish narrative through the end of 2024. We can see that two events over the last year led to bitcoin’s rise and my guess is that the halving will be the third event on this chart in hindsight. The spot bitcoin ETFs are still buying hundreds of millions of dollars of bitcoin per day. Microstrategy is pouring in hundreds of millions of dollars every few weeks. Most of the distribution platforms, such as Morgan Stanley, have not been turned on yet, but rumors are they have been racing to make the asset available to their clients. And President Trump said on CNBC this morning that bitcoin has too many use cases now, so he would find it difficult to ban. The funny thing about bitcoin is that it is immune to the noise. The network continues to produce block-after-block of transactions, regardless of what is happening in the world. Bitcoin didn’t care when the price was crashing and the bears were dancing on graves. Bitcoin doesn’t care today when price is surging and the world feels under-allocated to the asset. Hard money is eating the world. Investors are realizing that they need the asset in order to be prepared for an uncertain future. Eventually everyone comes to the same conclusion. Hope you have a great start to your week. I’ll talk to you tomorrow. -Anthony Pompliano Reader Note: Today is a free email available to everyone. If you would like to receive these letters each morning, please subscribe to become a paying member of The Pomp Letter by clicking here. John Egan is the Head of Crypto at Stripe. In this conversation, we talk about the crypto industry and how Stripe is interfacing with the technology, what they have been building, how their products work, bridging the gap between Web2 and Web3, stablecoins, and more. Listen on iTunes: Click here Listen on Spotify: Click here How Stripe Is Building For Bitcoin & CryptoPodcast Sponsors
You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research. You're currently a free subscriber to The Pomp Letter. For the full experience, upgrade your subscription. |
Older messages
Decentralized, Open-Source Technology Is Immune To Geopolitics
Thursday, March 7, 2024
Listen now (4 mins) | To investors, Liza Lin wrote a story in the Wall Street Journal this morning titled “China Intensifies Push to 'Delete America' From Its Technology.” It clearly
History Shows Bitcoin's Volatility Is Net Positive
Wednesday, March 6, 2024
Listen now (3 mins) | Today's letter is brought to you by Bitcoin Investor Day! I am hosting the first Bitcoin Investor Day in New York City on March 22nd this year. It is an annual meeting for
Bitcoin's Price Has Doubled Quickly After Every New All-Time High
Tuesday, March 5, 2024
Listen now (3 mins) | To investors, Bitcoin almost broke the previous all-time high of $69000 yesterday. It came within $500 and has since retreated from the milestone. Given the persistent demand for
The First Public Pension Funds To Buy Bitcoin Are Up 10x Now
Monday, March 4, 2024
To investors, I spoke this weekend at a conference focused on the intersection of economics and American leadership. Those two topics rarely go together. Economics is reserved for the nerds and
The Financial World Is Starting To Understand Bitcoin
Wednesday, February 28, 2024
Listen now (3 mins) | To investors, There is something special happening in the bitcoin market right now. It feels like the global financial world has started to understand what the asset is and why it
You Might Also Like
Low competition niches with high traffic potential
Friday, July 26, 2024
1.2 million visitors with a DA of 9!?
Mindsnack Ep. 6 - 4 Things That Have Helped Me
Friday, July 26, 2024
do these things.
SearchGPT Announced! (The End of Google?)
Friday, July 26, 2024
Yesterday, OpenAI announced SearchGPT, an AI-powered search engine that is a direct competitor to Google search. What does that mean for Google? What does it mean for publishers? This is the first
🎙️ Find That Pod #272
Friday, July 26, 2024
Let's discover some awesome podcasts together.
Temu may be a worthy Amazon competitor after all [Crew Review]
Friday, July 26, 2024
Q4 is approaching fast. Take advantage of the sales season and get more funding for your e-commerce business. We'll show you how on July 30, 2024 at 9:30 AM (PST). Hey Reader, It may not have the
Bitcoin 2024: All Eyes on Nashville
Friday, July 26, 2024
Marathon Digital Goes Full HODL with $100M Buy
Digiday Awards: One week left to submit your entry
Friday, July 26, 2024
Have your work viewed by judges from Google, Chipotle and more
You don’t need more capital, Reader. [Webinar]
Friday, July 26, 2024
Hey Reader, Most successful online entrepreneurs have taken risks, ie, loans, to scale their businesses to the next level. But how do you know when to borrow more money and when to hold off? This July
Influence Weekly #347: TikTok’s Secret Plan To Shake Up European E-commerce: What 40 New Hires Reveal
Friday, July 26, 2024
A Fashion Influencer Sues, Alleging a Creator Copied Her 'Aesthetic
Weekly Dose of Optimism #104
Friday, July 26, 2024
HIV Prevention, AI Tsunami, Statecraft, GLP-1 Again, Olympic Exoskeleton ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏